Best CC Lineup??

[CEOriginal]

Thanks for all the replies! I'd love to quote and reply, but I'm on my iPhone, which is frustrating as it is lol.

I'm looking to grow a relationship with a bank. I'm starting grad school this fall, and as my credit score grows, and as my income grows, I'd like to stay with one main bank. As someone said, for mortgage rates and such down the line....

With that said, Chase seems to be first on my list. I was strongly considering Citi, but I'm very transient and they are not everywhere (as someone mentioned). I like BoA being easily accessible (and they have a free checking account).

I believe I'll be traveling in my intended career, which is why Chase is alluring (CC-wise). There are just so many options of who to bank with... I feel like I'm ordering dinner at the Cheesecake Factory :-/

[GatorGuy]

I do not recommend you limiting yourself to one bank. But if you are, honestly a CU is your best bet. Others can chime in with their specific experiences but from what I've found all of those banks *might* look a little bit at your banking history with them but in the end it won't matter much. However it will carry a great deal of weight with a CU. Not to mention, you will get the best auto loan and mortgage rates with them and depending on the CU will be the most generous with CL's.

Of the ones you've mentioned though, Chase is the best. They have a good combo with Ink/CSP/Freedom and you get a bonus if you have a Chase checking.

[Anonymous]

Perhaps a minority view, but I don't believe in banking relationships.   Many of get CCs from several issuers, I think you should do the same with mortgages and checking and savings accounts.   Best rates for interest checking and usually savings are from online banks, and my numerous mortgages and refinancing have come from internet brokers.

Now it's possible in some cases that if your figures are borderline for a certain mortgage offer, say, having a relationship with that bank might get you the offer when non-customers don't, but in my experience, you are not getting the best deals from banks anyway, so this hardly matters.

So that leaves credit cards.   And I think it is pretty much YMMV there too.   If you have a private banking or similar relationship, then there may be some advantage, but in many cases retail banking and credit card divisions are separate, each with their own criteria and are not swayed by a relationship with the other side of the house, unless it is significant.

Shopping around is what the internet is good for.  Don't be stuck with one bank for all!

[Anonymous]

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@Anonymous wrote:

Perhaps a minority view, but I don't believe in banking relationships.   Many of get CCs from several issuers, I think you should do the same with mortgages and checking and savings accounts.   Best rates for interest checking and usually savings are from online banks, and my numerous mortgages and refinancing have come from internet brokers.

Now it's possible in some cases that if your figures are borderline for a certain mortgage offer, say, having a relationship with that bank might get you the offer when non-customers don't, but in my experience, you are not getting the best deals from banks anyway, so this hardly matters.

So that leaves credit cards.   And I think it is pretty much YMMV there too.   If you have a private banking or similar relationship, then there may be some advantage, but in many cases retail banking and credit card divisions are separate, each with their own criteria and are not swayed by a relationship with the other side of the house, unless it is significant.

Shopping around is what the internet is good for.  Don't be stuck with one bank for all!

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Many banks that offer mortgages (Citibank, Chase, First Republic, etc.) offer a rate discount for paying your morgage from an internal checking account, so there is a concrete benefit to "relationship banking;" this is in addition to any favorable treatment you might receive during the underwriting process by being an existing customer. Of course, you might be able to find better rates (inclusive of all discounts) elsewhere online, but there are distinct benefits to having a good relationship with a bank.

For credit cards, at least in the case of Chase, any customer who has banking deposits >=$10k can receive special consideration for CC underwriting. This banking relationship alone is often enough to turn an application rejection into an approval, especially for those with thin credit files.

[Anonymous]

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@Anonymous wrote:

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Many banks that offer mortgages (Citibank, Chase, First Republic, etc.) offer a rate discount for paying your morgage from an internal checking account, so there is a concrete benefit to "relationship banking;" this is in addition to any favorable treatment you might receive during the underwriting process by being an existing customer. Of course, you might be able to find better rates (inclusive of all discounts) elsewhere online, but there are distinct benefits to having a good relationship with a bank.

For credit cards, at least in the case of Chase, any customer who has banking deposits >=$10k can receive special consideration for CC underwriting. This banking relationship alone is often enough to turn an application rejection into an approval, especially for those with thin credit files.

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I don't consider the rate discount to be so important, firstly, because, as you say, there are frequently better deals, but also you usually set up a checking account once you get the mortgage to get the discount.    But it's certainly possible with a big enough balance or long enough relationship you can get favorable treatment, but again, it may not be best the best deal you could get.

I am surprised that 10K is enough for chase to give special consideration, but if so, OK.  Then you just need to deposit with each issuer you want that has deposit accounts!  Some issuers have stated that it has no impact, but that may not be the case.

[Open123]

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@Anonymous wrote:

Perhaps a minority view, but I don't believe in banking relationships.   

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Neither do I, but it could be that I've been unfortunate with my "relationship" managers.  

It just seems to me over the years, personal bankers always ask me for a few things:  (1) open more deposit accounts; (2) put money in low yielding accounts; (3) open a Heloc; (4) open lines of credit; (5) keeps trying to sell me some kind of variable annuity or single premium insurance product; (6) and, when I say no to all of it, then ask again to open up another checking account.

I'm sure having a relationship helps, but only marginally.  

In this day and age, I can't think of any "rate" I can get from a major bank that would be better than one I can acquire on my own.  

*Edited* PS - I'm sure it's different with a High Net Worth Private Bank relationship, but being constantly pestered for little "widgets" in the retail banking sector (Citi Gold, CPC, HSBC Premier, or whatever they call it) is just too high a price to pay.

[scenery_guy]

There's no rules that say you have to pick one bank. I love Chase after moving most of my business from BofA about a year ago. The card offerings are nice, the service I receive is above my expectations (they are low BTW) and the web site is functional. I still have relations with BofA (albeit a rough and rocky relation). I kept one no fee checking account open with them, I still have two credit cards with them and Merrill Lynch holds one investment account. Honestly I like their web site better than Chase. 

I move funds from Chase to BofA via car net (drive thru deposit) when I need more funds in the fee free checking to pay a credit card bill with them. I treat my Chase accounts as my primary accounts. I have debit cards for both banks in case I am traveling and need cash (ew cash...). 

Credit cards are selected on what will work best for me without considering the bank that offers the card. Keeping the card after one year is based on if I like the bank that offers the card. 

[oscar_actuary]

mine is pretty sweet....

someone say you can get $120/yr just by paying if full ?

Another card to look forward to next yr.